Merchandise Exports scale a new high in April; cross USD 40 billion, registering 30% growth over April, 2021

Petroleum products, Electronic goods, processed food, coffee, leather product lead the way with significant increase in exports
Service exports up by 53%; Overall exports jump by 39%

INDIA’S FOREIGN TRADE: April 2022

• After a record performance in the last financial year, the exports continued robust growth in April, 2022 with merchandise exports scaling a new high by crossing USD 40 bn. This is an increase by over 30% vis-à-vis April 2021. Petroleum products (127.69%), Electronic goods (71.69%), cereals (60.83%), coffee (59.38%), processed food (38.82%) and leather product (36.68%) exports led the way in achieving the record performance. Services performed extremely well to reach USD 27.60 bn, which is an increase of 53% over April 2021.

• India’s overall exports (Merchandise and Services combined) in April 2022* are estimated to be USD 67.79 Billion, exhibiting a positive growth of 38.90 per cent over the same period last year. Overall imports in April 2022* are estimated to be USD 75.87 Billion, exhibiting a positive growth of 36.31 per cent over the same period last year 

Table 1: Trade during April 2022* 

		April 2022 (USD Billion)	April 2021 (USD Billion)	Growth vis-à-vis April 2021 (%)
Merchandise	Exports	40.19	30.75	30.70
	Imports	60.30	46.04	30.97
	Trade Balance	-20.11	-15.29	-31.50
Services*	Exports	27.60	18.06	52.87
	Imports	15.57	9.62	61.87
	Net of Services	12.03	8.44	42.61
Overall Trade (Merchandise+ Services)*	Exports	67.79	48.80	38.90
	Imports	75.87	55.66	36.31
	Trade Balance	-8.08	-6.86	-17.83

* Note: The latest data for services sector released by RBI is for March 2022. The data for April 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April 2021 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during April 2022*

MERCHANDISE TRADE

• Merchandise exports in April 2022 were USD 40.19 Billion, as compared to USD 30.75 Billion in April 2021, exhibiting a positive growth of 30.70 per cent.
• Merchandise imports in April 2022 were USD 60.30 Billion, which is an increase of 30.97 per cent over imports of USD 46.04 Billion in April 2021.
• The merchandise trade deficit in April 2022 was estimated at USD 20.11 Billion as against USD 15.29 Billion in April 2021, which is an increase of 31.50 per cent.

Fig 2: Merchandise Trade during April 2022

• Non-petroleum and non-gems & jewellery exports in April 2022 were USD 28.46 Billion, registering a positive growth of 19.89 per cent over non-petroleum and non-gems & jewellery exports of USD 23.74 Billion in April 2021.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 35.68 Billion in April 2022 with a positive growth of 34.37 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.55 Billion in April 2021.

Table 2: Trade excluding Petroleum and Gems & Jewellery during April 2022 

	April 2022 (USD Billion)	April 2021 (USD Billion)	Growth vis-à-vis April 2021 (%)
Non- petroleum exports	31.93	27.12	17.74
Non- petroleum imports	40.11	35.27	13.70
Non-petroleum & Non Gems & Jewellery exports	28.46	23.74	19.89
Non-petroleum & Non Gems & Jewellery imports*	35.68	26.55	34.37

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

 

Fig 3: Trade excluding Petroleum and Gems & Jewellery during April 2022

 

SERVICES TRADE

• The estimated value of services export for April 2022* is USD 27.60 Billion, exhibiting a positive growth of 52.87 per cent vis-a-vis April 2021 (USD 18.06 Billion).
• The estimated value of services import for April 2022* is USD 15.57 Billion exhibiting a positive growth of 61.87 per cent vis-à-vis April 2021 (USD 9.62 Billion)
• The services trade balance in April 2022* is estimated at USD 12.03 Billion, which is an increase of 42.61 per cent over April 2021 (USD 8.44 Billion).

Fig 4: Services Trade during April 2022*

 

Table 3: Export Growth in Commodity Groups in April 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		APR'21	APR'22	APR'22
	Commodity groups exhibiting positive growth
1	Petroleum Products	3625.66	8255.39	127.69
2	Electronic Goods	978.43	1679.82	71.69
3	Other cereals	55.96	90.00	60.83
4	Coffee	71.46	113.90	59.38
5	Cereal preparations & miscellaneous processed items	165.38	229.58	38.82
6	Leather & leather products	289.65	395.90	36.68
7	Tobacco	73.01	98.63	35.10
8	Organic & Inorganic Chemicals	2025.59	2679.92	32.30
9	Mica, Coal & Other Ores, Minerals including processed minerals	392.53	489.90	24.81
10	Jute Mfg. including Floor Covering	37.12	45.56	22.73
11	Engineering Goods	7974.06	9725.92	21.97
12	RMG of all Textiles	1297.68	1575.86	21.44
13	Oil seeds	96.47	115.52	19.74
14	Marine Products	550.05	634.28	15.31
15	Meat, dairy & poultry products	345.31	383.96	11.19
16	Fruits & Vegetables	257.75	285.03	10.58
17	Drugs & Pharmaceuticals	1892.58	2072.26	9.49
18	Plastic & Linoleum	727.90	797.00	9.49
19	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	1065.20	1158.08	8.72
20	Ceramic products & glassware	286.31	310.46	8.43
21	Man-made Yarn/Fabs./made-ups etc.	424.52	458.59	8.02
22	Gems & Jewellery	3379.14	3467.71	2.62
Sl. No.	Commodities	(Values in Million USD)		% Change
		APR'21	APR'22	APR'22
	Commodity Groups exhibiting negative growth
23	Iron Ore	635.55	418.48	-34.16
24	Cashew	49.71	32.76	-34.10
25	Handicrafts excl. handmade carpet	158.42	118.85	-24.98
26	Spices	401.09	319.32	-20.39
27	Oil Meals	120.52	101.64	-15.66
28	Rice	895.60	810.66	-9.48
29	Carpet	129.92	125.02	-3.77
30	Tea	49.73	49.22	-1.03

 

Table 4: Import Growth in Commodity Groups in April 2022

Sl. No.	Commodities	(Values in Million USD)		% Change
		APR'21	APR'22	APR'22
	Commodity Groups exhibiting positive growth
1	Silver	11.90	109.50	820.04
2	Fertilisers, Crude & manufactured	376.84	1202.98	219.23
3	Sulphur & Unroasted Iron Pyrites	18.58	58.73	216.08
4	Coal, Coke & Briquettes, etc.	2004.56	4937.85	146.33
5	Petroleum, Crude & products	10764.84	20188.06	87.54
6	Pulses	55.07	99.14	80.01
7	Cotton Raw & Waste	33.36	52.59	57.64
8	Leather & leather products	53.59	83.64	56.08
9	Organic & Inorganic Chemicals	2244.19	3420.90	52.43
10	Non-ferrous metals	1316.79	1870.90	42.08
11	Vegetable Oil	1289.13	1746.27	35.46
12	Textile yarn Fabric, made-up articles	145.87	197.35	35.29
13	Pulp and Waste paper	93.54	126.05	34.75
14	Electronic goods	5058.85	6722.37	32.88
15	Iron & Steel	1181.08	1492.36	26.36
16	Dyeing/tanning/colouring materials	293.09	367.23	25.30
17	Metaliferrous ores & other minerals	631.59	768.06	21.61
18	Professional instrument, Optical goods, etc.	461.77	543.98	17.80
19	Chemical material & products	891.54	1037.06	16.32
20	Project goods	103.40	119.46	15.54
21	Artificial resins, plastic materials, etc.	1779.47	2019.61	13.50
22	Wood &  Wood products	505.20	572.84	13.39
23	Machinery, electrical & non-electrical	3054.64	3416.39	11.84
24	Fruits & vegetables	216.36	240.15	11.00
25	Newsprint	23.17	24.85	7.26
26	Pearls, precious & Semi-precious stones	2470.74	2594.34	5.00
27	Medicinal & Pharmaceutical products	681.31	710.98	4.35
28	Machine tools	315.51	328.95	4.26
Sl. No.	Commodities	(Values in Million USD)		% Change
		APR'21	APR'22	APR'22
	Commodity Groups exhibiting negative growth
29	Gold	6238.36	1724.86	-72.35
30	Transport equipment	1861.98	1467.09	-21.21

Table 5: MERCHANDISE TRADE 

 Table 6: SERVICES TRADE 

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	March  2022	April- March 2021-22
EXPORTS (Receipts)	26.88	254.36
IMPORTS (Payments)	15.33	146.95
TRADE BALANCE	11.55	107.40
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	March  2022	April-March 2021-22
EXPORTS (Receipts)	2,04,960.46	18,96,918.81
IMPORTS (Payments)	1,16,867.57	10,96,031.56
TRADE BALANCE	88,092.90	8,00,887.25
Source: RBI Press Release dated 2nd May 2022

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Export Growth: merchandise and services exports rose sharply, boosting overall trade while widening the trade deficit. Merchandise exports in April 2022 rose about 30% year on year to cross USD 40 billion, led by petroleum products, electronic goods, cereals, coffee, processed food and leather products, while merchandise imports increased by roughly 31%, widening the merchandise trade deficit. Services exports are estimated to have grown over 50%, producing a substantial services surplus; combined merchandise and services exports expanded near 39% with provisional and RBI estimation caveats noted.